Sometimes we are asked, "Should we get our house appraised to help us set the selling price?" Although this certainly takes pressure off your listing agent, professional real estate agents today have many tools to help them assess the market value your home - a formal appraisal being only one of them.
Sachs Realty's Qualifications
Our agents have access to the same information that the appraiser uses: comparable sales data, MLS data, and tax records. But typically, we also know your neighborhood's market, and may have even previewed (been inside) your homes “comparables” - nearby properties of similar type and size.
Your appraisal won't matter to potential buyers
Buyers will want their agent to review recent sales of properties similar to yours, as well as what's available for around the same price. A seller-purchased appraisal is sometimes viewed as biased, no matter how accurate it is.
Buyers’ lender will not accept your appraisal
Lenders will always order their own appraisal. They will only trust a list of appraisers that they have previously approved.
In today's mortgage climate, the lender-required appraisal is a major reason for transactions not settling. For this reason alone, it's extremely important to have a knowledgeable listing agent from the start.
Additionally, in today's fast changing real estate market, newly sold comparables can render a seller purchased appraisal "obsolete" rather quickly.
In short, it's not always worth it to pay for an appraisal up front. Consult with your real estate agent first. Call Rebekah Kleinman at Sachs Realty anytime for a free consultation on home prices and availability in Central Maryland.